Be Careful With That 0 Balance Transfer.

Let’s say you have a credit card with Capital One and there is an existing balance on it. Now, suppose you make a 0% balance transfer to your account. Well, you can never pay off the initial balance until the account is completely paid!

They charge you interest unless the account balance is down to $0.00 and for 1 month after that, until the account is payed off.

Be aware of this if you do a balance transfer with a Capitol One credit card. They will find a way to charge you interest. They do not care if you never do business with them again. For them, they can always find another customer.

Handling Finance Charges.

Capital one takes more days than allowed by law to post online payments. Then they charge late fees.

Don’t bother calling them since they use overseas people with a script. You just get the same canned answers over and over. They don’t say anything else. They say…

  • no to everything,
  • they can’t do that,
  • they can’t help you, or
  • that’s the policy.

They just repeat this repeatedly.

I did a 0 balance transfer for some large charges regarding hotel stays for a government move. The manager credited each of my charges to that card reducing the balance to zero, EXCEPT there is NO WAY to pay it off each month.

The balance is always more. It doesn’t matter if you pay it the day the statement is printed or you pay when on the phone with them.

Another Experience.

I completed a 0 balance transfer form. It promised 0 percent interest for the life of the transfer. On April 14th, 2009, I received a letter. It stated…

“due to a system error, the balance transfer form should have stated 5.99%. However, no attempt will be made to collect any additional finance charges that should have been assessed from past balances.”

Great move Capital one. Thanks a bunch! It’s as if I signed-up for a fixed rate mortgage at 5%. Then, months later, receive a letter stating sorry, it’s really 11.99%.

I tried to resolve this over the phone. My advice, don’t bother. They were given a chance to correct the situation. So, now it’s time to write a letter to Capital One. If that doesn’t work, my next call will be to my state’s attorney general.

0% for life.

I did a 0% balance transfer for 0%, for the life of the card.

3 months later, they tell me it was an error. Really, it should have been 5.99%. They said the only way they would honor the 0% percent is if I had the original application with the 0% for life offer on it.

Can you believe they sent me a letter with the original conditions, 0% Special Transfer for life. For 3 billing cycles, they have sent me a letter with the Transfer Special 0% offer. Let me repeat, the letter Capital One just sent me has the conditions they said were a computer error. It would seem that itself is proof of my original terms.

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